VC fund (Cat II) · Curated list
Multiples Alternate Asset Management
Pre-IPO / Late stage · Financial services (non-tech) · Mumbai
At a glance
- Stage focus
- Pre-IPO / Late stage
- Primary sector
- Financial services (non-tech)
- City
- Mumbai
- HQ / office
- 701/A, Poonam Chambers B Wing, Opposite Atria Mall, Dr Annie Besant Road, Worli, Mumbai 400 018, India
- Fund registered
- 2013
- Investments on record
- 30
- Corpus (as reported)
- ~USD 3 billion under management; USD 3.5 billion+ total capital raised across funds (per official site, 2024-25)
- Website
- multiplesequity.com
- Profile ↗
About
Multiples Alternate Asset Management is an independent, India-dedicated private equity firm founded in 2009 by Renuka Ramnath (former MD and CEO of ICICI Venture), headquartered in Worli, Mumbai. It manages close to USD 3 billion across four funds (USD 3.5 billion+ raised in total), backing established/growth-stage Indian companies with a control or significant-minority approach. It is a SEBI-registered AIF manager (CIN U74990MH2009PTC192806). Senior leaders include founder/MD and CEO Renuka Ramnath alongside partners such as Sudhir Variyar and Nithya Easwaran.
Investment focus
Growth/full-cycle private equity (mid-to-late stage, control and significant-minority). Sectors: Financial Services, Consumer & Consumer Tech, Industrials, Enterprise Tech, Healthcare & Pharmaceuticals, Sustainability. India-focused.
Cheque size
USD 15M-50M (targeted; averages USD 50-100M in larger deals)
As compiled from public sources — verify with the investor.
SEBI registration
SEBI AIF Category II — reported as “Major/growth private equity (India-dedicated) / Cat II”
- IN/AIF2/13-14/0089
- IN/AIF2/15-16/0151
- IN/AIF2/18-19/0583
- IN/AIF2/22-23/1137
- IN/AIF2/25-26/2112
- IN/AIF2/25-26/1920
SIDBI Fund of Funds
None found
Notable portfolio
PVR (cinemas); Indian Energy Exchange (IEX); Arvind Fashions; Vastu Housing Finance; Delhivery; Acko; Licious; Dream Sports / Dream11
Team & organisation
~85 employees; led by Founder/MD/CEO Renuka Ramnath, Dep CEO Sudhir Variyar, MD Nithya Easwaran (multiple MDs/partners)
Multiples Alternate Asset Management Private Limited manager; India-dedicated, sector-agnostic mid/late-stage PE; multi-fund platform of SEBI Category II AIFs
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Frequently asked
- What does Multiples Alternate Asset Management invest in?
- Growth/full-cycle private equity (mid-to-late stage, control and significant-minority). Sectors: Financial Services, Consumer & Consumer Tech, Industrials, Enterprise Tech, Healthcare & Pharmaceuticals, Sustainability. India-focused.
- What cheque size does Multiples Alternate Asset Management write?
- As compiled from public sources: USD 15M-50M (targeted; averages USD 50-100M in larger deals)
- How do I pitch Multiples Alternate Asset Management through iHub India?
- Create a free startup account, open a funding round, and send a structured pitch from this profile. If the investor accepts, contact details are shared and the conversation moves into a tracked deal room.
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About this record
- ⚑ PE-not-early-VC: this is a growth/buyout private equity firm investing in established mid-to-late-stage companies, not an early-stage startup VC — likely a poor fit for early-stage UP startup acceleration. No name-collision, rebrand, fraud, or government/DFI-vehicle concerns; it is a private SEBI-registered AIF manager. CORRECTION: "Emcure Pharmaceuticals" was listed in the submitted portfolio but is NOT a Multiples portfolio company — it does not appear on the official portfolio page and no reliable source confirms a Multiples investment; removed from the list. (Confirmed official healthcare/pharma holdings include Zenex Animal Health, BDR Pharma, Vikram Hospital.) Published emails are general corporate inboxes (info@, investor.relations@, media@); no personal/partner email is treated as the business contact.
Compiled from SEBI registrations and public sources as of 2026-07. iHub India lists investors neutrally and does not endorse, rank, or verify investment terms — confirm all details directly with the investor before transacting.
Sources: https://www.privateequityinternational.com/institution-profiles/multiples-alternate-asset-management.html; https://in.linkedin.com/company/multiples-alternate-asset-management-pvt-ltd